Directorate Change

Stock Exchange Announcement                          

                        Liontrust Asset Management Plc                         

                                 Board Changes                                 

The Company has now reached a stage in its development when the services of two
Joint Chief Executives are no longer required. Accordingly, William Carey,
co-founder of the business in 1994 has agreed to stand down. William and the
Company have therefore reached an agreement whereby, with effect from the AGM
on the 6th July 2004, William will relinquish his executive duties as Joint
Chief Executive. He will continue to be employed by the Company and will remain
a Director of Liontrust Investment Funds Limited, one of the subsidiaries.
Nigel Legge, William's co-founder and co-Joint Chief Executive will assume full
executive responsibility as Chief Executive with effect from the same date.

Bernard Asher has been appointed a non executive Director of Liontrust Asset
Management plc with immediate effect. He brings with him considerable
experience in banking and financial services which the Board believes will be
of great value to the Group. He was formerly an executive director of HSBC
Holdings plc and subsequently Vice Chairman of Legal & General Group plc.

After eight years as non executive Chairman of Liontrust Asset Management Plc,
Ellen Winser will be standing down from the Board at this year's AGM on 6th
July 2004. Bernard Asher will become Chairman from that date.

Liontrust would like to thank Ellen Winser for her contribution to the success
of the Company. During her tenure the Company has grown funds under management
from £60 million to over £5 billion and successfully floated on the London
Stock Exchange in 1999.

Liontrust owes a great deal to William Carey and it is enormously grateful to
him for all he has done in helping the Company develop as it has over the first
ten years of its existence. We are delighted that he will continue to have a
role within the Company which will benefit from his considerable knowledge and
experience of its affairs.

Liontrust's preliminary results for the year ending 31st March 2004 are
expected to be announced towards the end of May.

For further information please contact:

Liontrust Asset Management PLC Nigel Legge 020 7412 1700

Cazenove & Co Ltd Richard Locke 020 7155 4706